Bpifrance-backed Teads joins Altice

Altice has acquired adtech business Teads at a valuation of $308m, though a quarter of the purchase price will be subject to revenue targets this year.

Teads, a US-based adtech developer backed by France’s public investment bank Bpifrance, was acquired by telecoms firm Altice on Tuesday in a deal that valued the company at €285m ($308m).

The valuation is on a cash and debt free basis. The purchase price is subject to Teads meeting certain revenue targets this year, with 75% of the payment due upon the deal’s closure in mid-2017 and the remainder due if the conditions are met in early 2018.

Founded in 2011, Teads operates a video advertising marketplace that enables publishers to create and manage their content, monetising it through their own sales channels, Teads’ sales channels or programmatic buying.

Altice will use Teads’ offering to complement its existing advertising solutions.

Pierre Chappaz, executive chairman, and Bertrand Quesada, chief executive, will continue to lead Teads and committed to reinvesting a significant proportion of their proceeds. Chappaz will also join Altice’s management board responsible for advertising activities.

Teads had raised close to $128m in equity and debt, according to deals database Crunchbase.

Bpifrance contributed to a $30m round in 2015 that was split equally into debt and equity. The public investment bank provided equity alongside Gimv, Partech and Elaia, while it also contributed to the debt portion alongside Bank of China, HSBC and BNPP.

Bpifrance also participated in a $47m debt financing in August 2016, alongside BNPP, Bank of China, HSBC and Banque Palatine.

Pierre Chappaz said: "We are excited to start this new phase of Teads and become part of the internationally renowned Altice team. Since our inception we have strived to offer our clients with superior advertising solutions based on measurable performance and technological innovation. 

“As part of Altice, we will be able to offer even more tailored, data-driven solutions and take our value proposition from the digital world to a multiscreen platform, which includes TV, digital, mobile and tablets.

“It is this differentiated offering which will allow Altice and Teads to uniquely prosper in the global advertising market."

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